NEW YORK, Oct. 8 (Xinhua) -- Oil prices declined on Monday on reports that the Trump administration was softening its hard line on Iran crude exports.
A U.S. government official said the Trump administration is considering waivers on sanctions for countries, which soothed anxious investors to some extent as the reductions of Iran's crude exports could be less than expected, according to media reports on Monday.
Meanwhile, traders kept a close eye on Hurricane Michael, which was expected to move across the eastern Gulf of Mexico on Tuesday and inland over Florida Wednesday, amid concerns that the hurricane may affect energy productions in the region.
The West Texas Intermediate for November delivery fell 0.05 U.S. dollar to settle at 74.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery dipped 0.25 dollar to 83.91 dollars a barrel on the London ICE Futures Exchange. Enditem